#TECH: Boost launches new wallet for enterprise

KUALA LUMPUR: Boost now has Merchant B2B Wallet, a market-leading offering that provides business owners with a wallet limit of up to RM500,000, with licence approval from Bank Negara Malaysia (BNM) under its current e-money licence.

According to Boost's group CEO, Sheyantha Abeykoon, the company is thrilled about the launch of the new wallet and hopes that it will promote a society that is driven by technology and further the digital transformation of companies of all sizes.

"We are very excited that our vision to build an ecosystem that allows our merchants to seamlessly transact across the B2B supply chain has come to fruition. With the recent approval from BNM for the Merchant B2B Wallet, we will continue our efforts to digitally empower businesses, especially amongst the underserved community through innovative fintech solutions that are unique to Boost."

The Merchant B2B Wallet is integrated into the existing Boost Biz app with a QR code payment functionality that will enable merchants to further digitalise their businesses along with simplified transactions.

Aside from larger wallet limits, merchants will enjoy a new "Instant Settlement and Payment" feature that allows immediate access to cash upon receipt, eliminating wait time settlement, which is typically cleared on the next working day.

Merchants can also now instantly pay their business expenses such as utility bills and supplier invoices within the Boost Biz app itself upon receiving their customer's payments. Cash withdrawal is also a seamless experience as merchants are entitled to opt for the withdrawal request into their current bank accounts where it will be reflected on the next business day.

"We want to be able to give our merchants access to cutting-edge technology and convenient solutions within the Boost Biz app. Moving forward, our merchants can spend less time on making various business-related bill payments via multiple platforms and spend more time focusing on building their business operations," said Boost Biz's chief executive officer, Eric Chong adding that there are two wallet types offered in the Boost Biz app – the individual and direct merchants.